LiMn2O4 has been considered a promising cathode material for lithium-ion batteries in electric vehicles. However, there are still a number of problems of severe capacity fading before any materials modifications. Among all doped LiMn2O4, spinel LiNi0.5Mn1.5O4 material is seen as a potential cathode material for use in electric vehicles and energy storage systems in the future because of its high working potential (4.7 V), high energy density (the energy density of LiNi0.5Mn1.5O4 is 20% higher than that of LiCoO2), acceptable stability, and good cycling performance. In the presented paper, the structure and electrochemical performance of doped LiNi0.5Mn1.5O4 are reviewed. The rate capability, rate performance and cyclic life of various doped LiNi0.5Mn1.5O4 materials are described. This review also focuses on the present status of doped LiNi0.5Mn1.5O4, then on its near future developments.